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INVESTMENT IN TERMINAL JOINT VENTURE | 12 Months Ended
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Dec. 31, 2012
INVESTMENT IN TERMINAL JOINT VENTURE |
INVESTMENT IN TERMINAL JOINT VENTURE | 3. INVESTMENT IN TERMINAL JOINT VENTURE The Company has a 35 percent ownership interest in SSA Terminals, LLC (“SSAT”) through a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. SSAT provides terminal and stevedoring services to numerous international carriers at six terminal facilities on the U.S. Pacific Coast and to MatNav at several of those facilities. Matson accounts for its interest in SSAT under the equity method of accounting. Matson records its share of income in the joint venture in operating expenses within the ocean transportation segment, due to operations of the joint venture being an integral part of the Company’s business. No dividends and distributions from the unconsolidated joint venture were received in 2012. Dividends from the unconsolidated terminal venture totaled $5.3 million and $7.0 million for each of the years ended December 31, 2011 and 2010, respectively. The cost of ocean transportation services included approximately $163.8 million, $175.2 million, and $157.3 million for 2012, 2011, and 2010, respectively, paid to SSAT for terminal services. Operating results include the Company’s proportionate share of net income from SSAT. A summary of financial information for SSAT at December 31 is as follows (in millions):
|  | 2012 |  | 2011 |
Current assets |  | $ | 90.8 |  | $ | 90.0 |
Noncurrent assets |  | 139.2 |  | 118.7 |
Total assets |  | $ | 230.0 |  | $ | 208.7 |
Current liabilities |  | $ | 55.9 |  | $ | 41.3 |
Noncurrent liabilities |  | 14.7 |  | 17.3 |
Total liabilities |  | $ | 70.6 |  | $ | 58.6 |
|  | Year Ended December 31, |
|  | 2012 |  | 2011 |  | 2010 |
Operating revenue |  | $ | 503.9 |  | $ | 578.6 |  | $ | 568.5 |
Operating costs and expenses |  | 506.4 |  | 571.7 |  | 548.1 |
Operating (loss) income |  | $ | (2.5 | ) | $ | 6.9 |  | $ | 20.4 |
Income from continuing operations* |  | $ | 9.5 |  | $ | 26.3 |  | $ | 35.9 |
Net income |  | $ | 9.5 |  | $ | 26.3 |  | $ | 35.9 |
Company’s share of net income |  | $ | 3.2 |  | $ | 8.6 |  | $ | 12.8 |
* Includes earnings from equity method investments held by the investee

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 + Details
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